Kinesis Money to Launch its Gold (KAU) and Silver (KAG) Backed Tokens via Kinesis Mint Blockchain
The Kinesis Money Logo
Industry players are shifting their focus towards blockchain technology and the associated cryptocurrencies. However, given the high volatility concerns in the price of cryptocurrencies, investors chose to invest in stablecoins. Stable coins are tokens backed by a certain low volatile asset such as fiat currency, precious metals, commodities, etc.
During the turmoil in 2018 when most of the cryptocurrencies dropped by over 70% from their all-time high (ATH), the cryptocurrency market witnessed an uptake of stable coins in the market. Currently, there exist tens of coins backed by the US Dollar (USD) such as PAX, USDT and TUSD; gold such as DGD; and others. The latest addition to the stable coin charts will be KAU and KAG – bullion-backed coins from the Kinesis Mint, Kinesis Money.
Kinesis Mint Announces Plans To Launch Bullion-Backed Stable Coins
The announcement released earlier in the week by Kinesis Money, the company owning the Kinesis Mint, confirmed the launch of its stable coins backed by cash or physical gold and silver. KAU (gold-backed) and KAG (silver-backed) will be available at a rate of one gram of gold and ten grams of silver per token respectively. The tokens are built on a blockchain based platform, Kinesis Mint which is developed on the Stellar blockchain.
The Stellar blockchain is a powerful, fast and efficient blockchain that completes over 4000 transactions per second with less than 0.5% transaction fees. The blockchain also offers a fast settlement time of 3-5 seconds.
The launch of the new tokens was welcome by the CEO of Kinetic Money, Thomas Coughlin in his launching speech. The Cayman Island registered company leader further touched on the value of Kinesis Money in revolutionizing the precious metal industry saying,
“The global shift towards decentralized digital currency is picking up momentum and Kinesis Money is setting a precedent in the precious metals space. Amidst uncertainty and volatile currencies, the new Kinesis currencies provide the stable, trustworthy financial platform that modern consumers are looking for.”
The Future Of Kinesis Money And Kinesis Mint
The new bullion-backed tokens are expected to be released for a public sale in the coming months as development of the platform continues. Thomas further called on to bullion holders and other stable coin enthusiasts to invest their precious metals in the Kinesis ecosystem. The Kinesis ecosystem applies real economic algorithms to allow investors to earn extra income from their bullion holdings in KAU and KAG.
Kinesis Money is looking forward to the launch of the Kinesis Monetary System after the successful integration of bank cards, VISA payment systems, and cryptocurrency payment systems in the near future. Kinesis Mint acts as a stepping stone and means towards the development of the Kinesis Monetary System.